If the Lakers renounced their rights to all of their free agents (except restricted free agent Ryan Kelly while keeping non-guaranteed Kendall Marshall), the team would have $21.5 million in cap space to spend in free agency.

Should the Lakers waive and stretch out the salary of Steve Nash over three seasons, the cap room could grow to $27.4 million (to $28.4 million if the team also parted ways with Kelly and Marshall).

The league also set maximum salaries for the season, starting at $14.7 million for players with up to six years of NBA experience. Veterans with seven to nine years in the league can earn up to $17.7 million, while those with at least 10 years in the NBA can earn up to $20.6 million.

A player over the maximum salary last season can earn up to 105% of his previous wage, which is why Carmelo Anthony is eligible for a contract starting at $22.5 million.

The 2014-15 salary cap is based on the NBA's basketball-related income, which totaled $4.522 billion last season.